[Fr. Frank]

Your idea of hingeing the tip end of the rack assumes one of three things. 1) all your rods are about the same length, or 2)different support areas for different reels and tip to reel lengths will be built, or 3) multiple rod support crossmembers will be provided for different length/size rods.
I built my rod rack to hang/hinge from the side, so that when the rack is let down, the rods are all still mounted horizontally as the rack hangs down. It holds 8 rods, and is made from two old wood gun racks designed to hang on the wall, but lengthened to about 4 feet between the two supports. I use weak 1/4" bungee cord to secure them in case I accidentally instantly lower the rack by losing my grip.
I use a couple of old strap gate hinges screwed into the the wall 5 inches below the ceiling, and hook the other side with 1/4" nylon rope to a couple of bicycle hooks screwed into the joists.
It's simple, and cheap, and works great!